I often talk to smaller employers who just don’t have the funds to allocate to professional development. They want to grow their people, but just can’t scrape the pennies together to pay for it. The good news is that professional development doesn’t have to be expensive, in fact it can be free. And we all like free!
Last week Jillian talked about why employers should invest in professional development for their people. As she mentioned, research shows that spending money on professional development for your employees leads to more money for your company. But what can you do if your available funds for such training is limited?
- Utilize your current staff to provide training. Whether you realize it or not, you have a wealth of knowledge in your organization and some employees would love the opportunity to share their expertise with others. A couple great ways to provide free or low-cost training is to plan lunch and learns where your current staff train their colleagues on what they do. That training may even be just spending 45 minutes to an hour explaining what they really do in their position or what their department does and how it contributes to the organization as a whole. Another great opportunity that can benefit any organization is cross-training. Give employees the opportunity to step into another department and learn how to work in that department. Cross-training not only gives employees the opportunity to learn more about the business and other departments, it can also assist employers in creating a succession plan.
- Find free resources. There are a number of organizations that will come in and provide free training to your staff. Last week I worked with Cindy Smith at Edward Jones to present a free financial budgeting workshop to employees at a client. The client works in the healthcare industry and not only did the training benefit the employees; it was information that they are now able to use to help their clients.
- Start a book club. Books are a low-cost way to provide training and professional development to your staff. At Horizon Point we read a lot! We share book recommendations and each year we select a book of the year to share with our clients. Some of our clients have then taken that book and shared it with their staff or asked us to provide training on the topics covered in the books. Select a book that speaks to your organization and meet weekly or monthly to discuss what was learned from the reading. Make attendance voluntary and hold the book club meeting during working hours.
- Don’t waste conferences. If you send an employee to a conference, be sure to have them come back and share the knowledge they gained. Too often organizations spend the resources to send one or two employees to a conference and then don’t follow up once they return. Get the biggest bang for your buck! Plan the time for them to debrief with their team mates or lead a lunch and learn to share their conference takeaways. Also encourage them to bring back any resources or materials available at the conference to share with other staff.
- Be thrifty. Anyone who knows me knows that I love saving money (and thrift shopping!). When you’re sending staff to conferences, be careful with how you spend your money. At Horizon Point we start discussing what conferences we want to attend a year in advance. We discuss the benefits of each and together determine which we will attend. By doing that we are able to catch early bird rates and often save $150-300 or more on registrations. If more than one of us will be attending, we try to carpool and we always look to see if renting an Airbnb will be cheaper than separate hotel rooms. Also make sure that your expense policy covers what is reimbursable and how much will be covered. Set a daily dollar limit on meals and if meals are provided at the conference, do not reimburse employees who opt to purchase meals outside of the conference. Another great way to save on conference costs is to submit to speak. Most conferences give speakers a free registration.
Organizations can never provide too many opportunities for professional development, so even if your organization has the ability and budget to provide professional development opportunities, the programs mentioned above can only enhance your current offerings.
